Tax Issues With Pet Trusts

Posted on June 25, 2009 by Danny Meek

Are there any tax concerns to address with estate planning for animal owners?

Dottie                                                                                            Piqua, Ohio

Dottie, indeed there are…

We always recommend that you involve your CPA or tax adviser when you are planning for your pets.

Depending upon the type of trust or will clause that you use and the state where you reside, there may be gift, income, inheritance or estate tax consequences involved with this estate planning.

These various taxes may be assessed against either the Settlor of the Trust, the Trustee, the Caregiver or the Estate, via the Executor.

Careful tax planning is essential with any form of estate planning.

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